Once you’ve decided to purchase a home, the first question should be, “How much home do I really need?” There are many factors to consider including budget, family size, specific needs and future plans. Here are a few tips to help first-time buyers answer that question.
Budget
Having an enormous dream home sounds good, but can you afford it? The new trends are all about downsizing and maximizing space. Having a budget keeps you in a realistic frame of mind. Even if the bank approves you for a large amount, be practical and consider how much you can really afford. Think about the upkeep of the home, whether you like to travel, whether there are additional expenses in the future like school or a new vehicle. All of these will affect your finances, so understanding what you can do and what you should do is key.
Space
The goal is to have the space you need – not wasted space. It’s important to consider everything that goes into the home and the different types of spaces you need. A well-designed space can maximize savings and provide efficiency. Do you like to cook? If so, a huge emphasis should be on the size of the kitchen. You should also think about whether you like to host gatherings, need additional room for house guests, and who will clean these spaces.
Furniture
Many new homebuyers look at staged homes, but what type of furniture do you have? Will it fit? Are you planning on purchasing new furniture? Always have a general idea of the types of furnishings you have or want – and bring a measuring tape with you.
Storage
One of the biggest issues many people have is storage because… let’s face it. People collect “stuff.” Be practical about the type of storage you need and why. Will you need a garage, and will it be used for storage?
Resale
Even if you’re looking to purchase your forever home, things happen. You always want your home to appreciate in value, so this should always be a consideration when purchasing. Your yard and lot size can make a huge difference in the value of your home. But are you someone who is OK with doing yard work, or will you be able to hire a lawn person?
Hobbies/Work
If you work from home or have a hobby that you need additional space for, this should also be on the list. As more people telework, having a dedicated space to do work is becoming a must-have for new homebuyers.
These are just a few things to consider when purchasing. For more information on buying a home, contact the team at Mortgage Investors Group today.
